Ping An Insurance

The financial institution assigns decision-making and oversight responsibility for its sustainability strategy to the highest governance body with performance criteria for senior executive remuneration linked to sustainability targets. It delegates the responsibility for implementing its sustainability strategy to specific functions or teams within the institution. Additionally, the institution has a stewardship policy that includes criteria for what is considered a successful stewardship result, escalation routes if unsuccessful, and escalation conditions. However, no leading practices were identified for the financial institution with regard to Financing Climate and Nature protection and restoration, Environmental footprints, and Responsible business conduct.

The financial institution has a publicly available policy statement on specific workers’ rights and expects its supplier to do the same but could reference all ILO fundamental rights. Although it defines bribery and corruption, it does not clarify that this includes both giving and receiving value for advantage. Additionally, while the institution identifies and prioritizes material sustainability impacts, it could enhance transparency by disclosing the objective criteria and evidence used in its materiality analysis. Furthermore, it has the opportunity to provide a comprehensive list of trade associations of which it is a member.

While the institution discloses on phasing out the provision of products, services and capital to existing fossil fuel projects and clients and investees across the fossil fuel value chain, which lack a well-defined strategy aligned with a 1.5°C trajectory, it has the opportunity to present a timebound strategy for this. Although it refers to the protection and restoration of nature, it could disclose a strategy for this area covering at least its priority sectors and areas.

It is recommended that the institution disclose the breakdown of clients or beneficiaries by income group and clarify processes to prevent divestment from low-income and lower-middle-income countries due to its sustainability strategies and targets. Its risk assessment process should incorporate risks related to ILO fundamental rights at work for those affected by its products and services, with a mitigation process for identified risks. Moreover, the institution could strengthen its disclosure by identifying the social risks associated with its financing activities in relation to net zero transition.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.